ING DIRECT tops Mozo's banking awards for sixth year

Smaller, online and non-bank lenders like ING DIRECT and Queenslanders Credit Union were the winners of Mozo’s People’s Choice Banking Awards, based on reviews from almost 35,000 customers over the past 12 months.

Overall, satisfaction with banks fell slightly to 7.82 in 2015 from 7.85 last year. 

ING DIRECT won Best Bank for the sixth year in a row, Greater Building Society took home its third award for Best Building Society and NAB held its mantle for Best Big 4 for the fifth year running.

“Each year, Mozo recognises the banks we love and trust, giving us a report card of just how we feel about our bank,” said Mozo director Kirsty Lamont.

The awards, in their sixth year, invite Australians to have their say on their banking experience. Customers rate their banking provider on overall satisfaction, price, features, customer service, convenience and trust. Mozo then aggregates these scores to determine the winners. This year more than 170 providers were rated. 

For the favourite banking products, transaction and savings accounts top the charts (8.19 and 8.11), while high interest charging credit cards and personal loans were the least loved (7.10 and 7.19).

“Interestingly, a family’s biggest debt burden, the home loan, had people feeling relatively happy (scoring 7.42) thanks to a low interest rate environment,” said Lamont.

Females aged 18-24 and earning less than $35,000 a year are the happiest with their bank (8.35), while those aged 45-54 and those earning over $180k gave their bank the lowest scores (7.5 and 7.12).

“Interestingly, we’re happiest at the start of our banking life-cycle and over time we become less satisfied the older we get and the more money we have,” said Lamont.

Among the states, Queenslanders were the happiest state, rating their bank an average 7.87 out of 10, followed by South Australia (7.80), Tassie (7.75) and NSW (7.71).

The least happy with their banks were Victoria (7.64), the ACT (7.62), and NT (7.58). 

Mozo People’s Choice Banking Awards overall winners

Mozo People’s Choice Banking Awards product category winners